PANAMA CITY, Panama, September 25, 2009 – The Panama Canal Authority (ACP) announced today that it has awarded a contract for insurance brokerage services to Willis Limited, a unit of Willis Group Holdings (NYSE: WSH), a global insurance broker. Beginning October 2009, Willis will provide strategic risk management counsel, and advise the ACP on the best policies to cover property, floating equipment, loss of income and maritime contingencies, among others. The contract will be for one year with an option to renew for three additional years.
Willis Limited is also the ACP’s broker for its Owner Controlled Insurance Program that includes the Third Party Liability and Construction All Risk coverage for the design and construction of the new set of locks and the fourth dry excavation projects under the Panama Canal Expansion Program.
“Willis has the industry experience and knowledge that we need. We are confident that their experience will help the ACP secure the most cost effective and competitive insurance plans. We look forward to working with our current and future insurers through Willis,” said ACP Executive Vice President for Administration and Finance Francisco J. Miguez.
The well-established ACP bidding system follows a fair, rigorous and transparent contracting process that welcomes open competition.
The ACP received three bids September 4 from top-level internationally renowned insurance brokerage firms vying for the contract. After careful review and thorough evaluation of the submissions, the ACP selected the firm with the lowest bid that met the contract’s objectives as described in the request for proposal released August 4.
Willis Group Holdings Limited is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 20,000 Associates serving clients in some 190 countries. Additional information on Willis may be found at www.willis.com.
About the Panama Canal Authority (ACP)
The ACP is the autonomous agency of the Government of Panama in charge of managing, operating and maintaining the Panama Canal. The operation of the ACP is based on its organic law and the regulations approved by its Board of Directors. For more information, please refer to the ACP’s Web site: http://www.pancanal.com/.